The Ministry of Petroleum and Mineral Resources (MoPMR) announced a new oil discovery offshore the Gulf of Suez, following the successful drilling of the Northeast Ramadan Crystal exploration well (NER-1X). The well is located in the North-East Ramadan Concession area.
The discovery was made by the Gulf of Suez Petroleum Company (GUPCO), the operating joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and the UAE’s Dragon Oil. The Ministry expects the new well to be brought on stream within days, with an estimated initial output of about 3,000 barrels per day (bbl/d) of crude oil.
According to the Ministry, the application of Ocean Bottom Node (OBN) seismic surveying technology enabled the identification of promising geological structures beneath the seabed that were previously inaccessible. This innovative approach enhances exploration efficiency.
Furthermore, the existing Al-Fanar platform (owned by EGPC) was utilized for drilling the well and initiating early production, eliminating the need to construct a new platform. This measure significantly contributes to reducing costs and reflects the efficient exploitation of the Petroleum Sector’s existing assets and infrastructure, the Ministry confirmed on November 20.
The new discovery supports the sector’s goal of stabilizing and increasing oil production. The discoveries include Khalda Petroleum Company’s new natural gas discovery, Gomana-1, in the Western Desert, with an estimated production rate of around 36 million cubic feet per day (mmcf/d).
These successes align with the broader goals of the Petroleum Sector, as Karim Badawi, Minister of Petroleum and Mineral Resources, previously reviewed the sector’s progress since July 2024 to retain production rates. Badawi stated, during the celebration of National Petroleum Day, that the petroleum sector witnessed 75 new oil and natural gas discoveries and brought 383 new wells into production, adding 1.1 billion cubic feet (bcf) of natural gas and nearly 200,000 bbl/d of crude oil.
Moreover, Badawi stated during the ministry’s podcast PetroCast that current natural gas production has reached about 4.2 billion cubic feet per day (bcf/d), with plans for continued increases. He highlighted that crude oil production has stabilized following previous declines and is set to enter a new phase of growth, supported by recent discoveries and investments in the Western Desert and Gulf of Suez. Crude oil production had previously stabilized at 540,000 bbl/d in February.
